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Fenn Stores, Inc. had sales of $9.000.000 during December, year 2. Experience has shown that merchandise equaling 8% of sales will be returned within thirty days and an additional 5% will be returned within ninety days. Returned merchandise is readily- resalable. In addition, merchandise equaling 10% of sales will be exchanged for merchandise of equal or greater value. What amount should Fenn report for net sales in its income statement for the month of December year 27 O $8,100,000 $6,930,000 O $7.830,000 O $8,280,000

Fenn Stores, Inc. had sales of $9.000.000 during December, year 2. Experience has shown that merchandise equaling 8% of sales will be returned within thirty days and an additional 5% will be returned within ninety days. Returned merchandise is readily- resalable. In addition, merchandise equaling 10% of sales will be exchanged for merchandise of equal or greater value. What amount should Fenn report for net sales in its income statement for the month of December year 27 O $8,100,000 $6,930,000 O $7.830,000 O $8,280,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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QUESTION 34 Fenn Stores, Inc. had sales of $9,000,000 during December, year 2. Experience has shown that merchandise equaling 8% of sales will be returned within thirty days and an additional 5% will be returned within ninety days. Returned merchandise is readily resalable. In addition, merchandise equaling 10% of sales will be exchanged for merchandise of equal or greater value. What amount should Fenn report for net sales in its income statement for the month of December year 2? O $8,100,000 $6,930,000 O $7,830,000 O $8,280,000
Transcribed Image Text:QUESTION 34 Fenn Stores, Inc. had sales of $9,000,000 during December, year 2. Experience has shown that merchandise equaling 8% of sales will be returned within thirty days and an additional 5% will be returned within ninety days. Returned merchandise is readily resalable. In addition, merchandise equaling 10% of sales will be exchanged for merchandise of equal or greater value. What amount should Fenn report for net sales in its income statement for the month of December year 2? O $8,100,000 $6,930,000 O $7,830,000 O $8,280,000
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